Société Générale will cease its banking and insurance activities in Russia and signed a sale and purchase agreement to sell its entire stake in Rosbank and its Russian insurance subsidiaries to Interros Capital, the previous shareholder of Rosbank. With this agreement, which concluded after several weeks of intensive work, Societe Generale exited from Russia.
This contemplated transaction, which remains subject to the approval of relevant regulatory and anti-trust authorities, will be conducted in compliance with legal and regulatory obligations in force. The closing of this operation should occur in the coming weeks.
The impact of the disposal of Rosbank and Société Générale’s Russian insurance activities on Société Générale’s CET1 ratio is expected to be around 20 basis points based on the net value of the disposed assets as of Dec. 31, 2021.
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